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4-Traders Homepage  >  Currencies  >  US Dollar / Japanese Yen (USD/JPY)    USDJPY   

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Real-time Quote. Real-time  - 05/02 01:12:58 am
106.534 JPY   +0.24%
04/30 WEEKLY TRADING : Systemic Changes Afoot for Risk, EURUSD, USDJPY?
04/30 Dollar Struggles as Rate Disbelief Lingers, Euro and Yen Gain Gro..
04/29 EUR/USD Testing Neckline of Major Double Bottom Pattern
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USD/JPY Reaches 50% Retracment of Decline from 2007 High

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04/11/2013 | 11:40pm CEST

Daily Candles

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Reaches 50% Retracment of Decline from 2007 High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: Focused on USDJPY in Friday’s weekly and there it little else to add. “One setup that was described on Friday was to wait for a break through upward sloping resistance followed by a test of the topside of the line. Support is seen from the topside of that line down to the uncovered close at 97.50 (Friday’s close).” A sharp drop for at least 1 day may be near as price traded into the 50% retracement of the decline from the 2007 high on a small range and ended the day little changed (call it a doji or whatever…the point is that momentum slowed at an important reference point).

FOREXTrading Strategy: Not against trading from the short side if the right scenario develops…would need to see a drop below 98.50 to turn the minor bias down followed by at least 1 session (Asia, Europe, or US) of consolidation.

LEVELS: 96.70 97.50 98.50 99.84 101.44 103.50


© FXCM 2013
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